USA How to handle sale of company vehicle to employee making monthly payments who then quit and left the vehicle.


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I have an employee who wanted to buy a company truck on monthly payments, but only ended up making a dozen payments, then quit leaving the truck. The company did not book the sale at the time, and I am the new bookkeeper. What do I do with the payments I received?
 
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BIG E

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Why don't you ask the company accountant how it should be recorded?
You need to first determine HOW the vehicle was titled to him without
the employer surrendering the plate to DMV, or changing the insurance
policy, was there any outstanding company debt on the vehicle?
You need to know more than merely "how do I book the money"?
 
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